Location: Redwood County, MN | Metro: Redwood County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56224 in metro FY 2026 is set at $970. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 housing assistance program. It does not dictate what you can charge as rent; rather, it ensures that the rent you set for your property is reasonable and competitive with the market.
While the local median rent is not available for ZIP 56224, we can use the FMR as a benchmark to understand the rental market dynamics. The FMR is designed to reflect the average rent paid for a modest-quality rental unit in the area, making it a useful tool for setting your own rent rates.
The 6.4% renter share indicates that a significant portion of the population in this area relies on renting their homes. This suggests a stable demand for rental properties, including those participating in the Section 8 program. However, without specific local median rent figures, it's challenging to provide a direct comparison to gauge the exact demand level relative to other areas.
Regarding the acquisition cost of properties in ZIP 56224, the data provided does not include a specific percentage or figure. Typically, this would refer to the cost of buying a rental property, which landlords need to consider alongside potential rental income. Without this information, it's important to conduct thorough research into current property values and trends in the area.
A key factor to verify before proceeding with your first Section 8 rental in ZIP 56224 is compliance with HUD's physical inspection requirements. Your property must meet certain standards to qualify for the program. These standards ensure that the living conditions are safe and decent, and they cover aspects such as heating, plumbing, electrical systems, and general structural integrity.
To summarize, the FMR of $970 sets a baseline for reasonable rents in the Section 8 program, indicating a strong demand from renters. Ensure your property meets the necessary inspection criteria to avoid any delays or issues when enrolling in the program.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.